Westpac Banking's (NZE:WBC, ASX:WBC) New Zealand unit has partnered with Central Pacific Collective to support shared home ownership arrangements for new homeowners shifting into homes at Eastern Porirua, according to a Thursday statement by the company.
The bank said it will provide mortgages to all the new homeowners, while Central Pacific Collective will contribute up to 40% of each house's purchase price.
The bank expects 300 homes to be built in the region by 2030.
Shares of the bank in Australia and New Zealand each rose 1% in recent Thursday trade.
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